The partnership will help TransferWise to expand its multi-currency debit card programmes in Asia Pacific, Europe, Latin America and the Caribbean, the Middle East, the UK and the US
US-based payment technology firm Visa and TransferWise, a London-based online money transfer company, have entered into a global partnership for the use of Visa Cloud Connect platform.
Visa Cloud Connect enables fintechs to establish a secure connection to Visa’s global processing network VisaNet through the cloud, preventing the need for expensive local connectivity.
The partnership will also support the expansion of TransferWise’s multi-currency debit card programmes in the Asia Pacific, Europe, Latin America and the Caribbean, the Middle East, the UK and the US.
TransferWise said that its multi-currency account allows consumers and businesses to hold and convert 55 currencies at the real exchange rate.
Also, the multi-currency debit card allows customers to spend and withdraw directly from any of the currency balances.
TransferWise co-founder and CEO Kristo Käärmann said: “We’ve been working to remove borders in the world’s financial networks. Cards should work the same across borders too. In Visa, we found a partner who shares our ambitions to make money work seamlessly no matter where you are.
“We’re excited to see how the outcome of our collaboration impacts the next generation of multinational financial institutions across the globe.”
The new Visa Cloud Connect platform offers a secure cloud-based connection to VisaNet, including a unified certification and testing framework, Visa-hosted security services such as transaction encryption and PIN key management.
Visa Cloud Connect is currently being tested in pilot phase with TransferWise and is expected to be rolled out for global clients in August this year.
Visa executive vice president and chief product officer Jack Forestell said: “The TransferWise team came to us last year with a challenge: enable the global rollout of their debit card programme and do it entirely in the cloud.
“It was an exciting opportunity for us to partner with TransferWise and show how we’re thinking and working differently to help today’s fintech innovators scale up quickly.
“With Visa Cloud Connect, we’ve created an approach that lets TransferWise tap into Visa’s global infrastructure – one of the most secure, reliable and resilient systems in the world – through a single integration. Through our work with TransferWise, we’ve created a blueprint for other fintechs to quickly and securely connect with Visa’s massive scale and reach.”